Capstone Green Energy Corporation
CEPL Industrials Specialty Industrial Machinery
Capstone Green Energy Corporation’s revenue for fiscal 2026 (year ended March 2026) was $106.0 million, up 23.9% from fiscal 2025. In the quarter to June 2026, revenue fell 10.6%, EPS grew 25.0%, free cash flow grew 362.2% and total debt rose 41.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Capstone Green Energy Corporation (CEPL) Beneish M-score
Capstone Green Energy Corporation's Beneish M-score for fiscal 2026 is −1.65; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −1.65 | 1.85 |
| FY2025 | −3.50 | (3.12) |
| FY2024 | −0.38 | 3.14 |
| FY2023 | −3.52 | (1.45) |
| FY2022 | −2.07 | 1.16 |
| FY2021 | −3.23 | (0.94) |
| FY2020 | −2.29 | (0.54) |
| FY2019 | −1.75 | 1.27 |
| FY2018 | −3.02 | (2.92) |
| FY2017 | −0.10 | 2.35 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.50 | — | 1.38 | |
| Gross margin index | 0.85 | — | 0.45 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 1.24 | — | 1.11 | |
| Depreciation index | 0.79 | — | 0.09 | |
| SG&A index | 0.83 | — | −0.14 | |
| Total accruals to total assets | 0.05 | — | 0.22 | |
| Leverage index | 0.91 | — | −0.30 | |
| Beneish M-score | Flagged by the model | −1.65 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HUHU HUHUTECH International Group Inc. compare | −7.0× |
| HURC Hurco Companies, Inc. compare | −3.2× |
| TAYD Taylor Devices, Inc. compare | −2.5× |
| CEPL Capstone Green Energy Corporation | −1.6× |
| BWEN Broadwind Energy, Inc. compare | −1.2× |
| SHMD SCHMID Group N.V. compare | — |
| FISN DEEP FISSION compare | — |
| HDRN Hadron Energy, Inc. compare | — |
| NWCL Newcleo plc compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI